Invest like Warren Buffett with this app

For $2 a month, you can invest just like Warren Buffett. At least, that's what the upcoming iBillionaire app would have you believe.

The new app, which debuts next week, will let you compare your stock holdings to those of Buffett and hedge fund managers David Einhorn and Bill Ackman, MarketWatch reports. You can already go online to find these billionaires' favored stock picks, since they are required to file their holdings quarterly with regulators.

But the iBillionaire app grabs that data and offers it up in easily digestible app form.

Still, you simply can't copy the big boys and expect to come out a millionaire. MarketWatch points out one huge drawback: The information will be fairly old, since these big investors don't have to file their holdings until 45 days after the end of each quarter.

Another problem is that you can't invest like billionaires unless you have a billionaire's knowledge and resources. Those include plenty of financial advisors and analysts that know every option trick in the book and can jigger deals you've never even heard of.

Buffett, for example, is reportedly planning to exercise $5 billion in Goldman Sachs (GS) warrants this year at a $115 strike price. The closest you're going to get to a warrant is this song.

But hey, iBillionaire might give you some fun talking points at cocktail parties. And it might educate you about stocks you wouldn't normally consider, such as J.C. Penney (JCP), which has fallen 48% since Ackman became the largest shareholder.

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